The price of the Shiba Inu meme token has fallen more than 35% from its December high and could fall another 50% in the near future. 📉📉📉📉📉
One of the reasons for the bearish outlook is the low SHIB burn rate. The Shiba Inu burn rate is falling due to the low performance of the Shibarium ecosystem.
The performance of Shibarium is crucial for the memecoin’s price, as the network plays a key role in token burning.
Since November 2024, the memecoin has fallen from a high of $0.00003 to $0.000021. Technical indicators show that the price of Shiba Inu will continue to decline.
SHIB has fallen below the 50-day and 100-day moving averages, and has also formed a bearish “flag” pattern, which is characterized by a sharp drop in the asset.
In this case, the memecoin may drop to the next support level at $0.00001082, which is 50% less than the current price.